CIMB Group, Malaysia’s second-largest bank, is reportedly eyeing banking licenses in Vietnam, Myanmar and Philippines, as part of its strategy to expand footprint in fast-growing Southeast Asian markets.
The bank has sought banking licenses in Vietnam and Myanmar, while the lender is vetting regulations in Philippines that allow foreign banks to take 100% ownership of local lenders, as reported by Reuters. Myanmar is expected to allow foreign banks to operate with a limited license later this year.
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By GlobalDataCIMB Group chief executive Nazir Razak unveiled the strategy, while announcing acquisition of Finansa Asset Management in Thailand from Finansa for THB225m ($7.09m).
In addition, CMB Group also plans to launch branches in all Southeast Asian countries by 2015 when a planned partial integration of the ASEAN economies will be completed.
In domestic market, CIMB is trying to purchase two lenders to create Malaysia’s mega bank.
Southeast Asian banks are witnessing phenomenal rise from booming property markets and double-digit growth in both consumer and corporate loans in rapidly expanding economies like Indonesia, Singapore and Thailand..
